Quotes of the pair USD/JPY US Dollar to Japanese Yen complete the trading week of corrections near the area of 130.22. The pair continues to move within the correction and the downward channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from US dollar sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a fall and test the support level near the area of 128.75. Then, a rebound upwards and the continuation of the growth of the pair to the area above the level of 143.25.
USD/JPY Forecast February 13 — 17, 2023
An additional signal in favor of the growth of the Dollar/Yen pair in the current trading week will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the USD/JPY pair in the current trading week February 13 — 17, 2023 will be a fall and a breakdown of the 122.25 area. This option will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex to the area below the level of 117.45. The USD/JPY growth will be confirmed by the breakdown of the resistance area and the closing of the price above the level of 133.05, which will indicate the breakdown of the upper limit of the downward correction channel.
Among the important news from Japan that may have an impact on the Japanese Yen, it is worth highlighting: Japan’s Gross Domestic Product (GDP) q/q.
USD/JPY Forecast February 13 — 17, 2023 suggests an attempt to test the support level near the area of 128.75. Where should we expect the pair to continue rising to the area above the level of 143.25. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be a fall and a breakdown of the level of 122.25. This will indicate a continued decline in the pair with a potential target below the 117.45 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
